Gold is testing recent swing highs around $1790 as the metal trades around $1785/86 levels. Believe it or not, all recent highs in Gold have accompanied by bearish divergences on the RSI. Also note Silver is lagging behind the yellow metal, again a potential bearish divergence. We need not speculate on a potential top in place at the moment and it is better to remain flat until a support is taken out. Immediate support is seen towards $1750, followed by $1720 and a break there would be the first sign of a potential bearish reversal on its way. Upside remains limited from here on.
Strategy:
Aggressive: Short against $1795, targeting $1670 in the short term.
Conservative: Remain flat, wait for a break below $1750 at least.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Aggressive: Short against $1795, targeting $1670 in the short term.
Conservative: Remain flat, wait for a break below $1750 at least.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.